Hess Midstream LP reports Q3 EPS 57c, consensus 55c

Reports Q3 revenue $ $363.10M , consensus $342.38M .”We delivered another strong quarter driven by increased uptime, continued gas capture, and additional third-party volumes and, as a result, we are raising our operational and financial guidance for the second time this year,” said John Gatling, President and Chief Operating Officer of Hess Midstream. “Third quarter terminaling volumes increased almost 20% compared to the prior quarter, while third quarter gas processing volumes of 386 MMcf per day was our highest quarterly gas processing average to date. Construction has been completed at one of our two new compressor stations and continues to progress on schedule for the other, with both expected online by the end of the year, as planned, which will enable even further gas capture. We anticipate fourth quarter 2023 gas, oil and water volumes to be relatively stable compared to third quarter 2023, reflecting mainly winter weather contingencies.” “We continue to target at least 5% annual distribution growth through 2025 and maintain more than $1 billion of financial flexibility for further return of capital to our shareholders,” said Jonathan Stein, Chief Financial Officer of Hess Midstream. “Looking forward to January 2024, we will release our 2026 MVCs, which will provide another year of visibility as once MVCs are set they can increase but cannot be reduced.”